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CEX Bitcoin trading volume reaches its peak in 2022

Bitcoin spot trading volumes on centralized exchanges surged to new heights on Feb. 28, reaching levels not seen since the FTX crash, driven by sustained demand for ETFs investing in the leading cryptocurrency.

The trading volumes for spot Bitcoin (BTC) hit a 16-month peak, with a total of $34 billion in trades on centralized exchanges, as reported by Kaiko. Notably, Binance led the way in BTC trading volume, surpassing $17 billion. Following closely behind was Bybit with $3.5 billion, and Coinbase reaching nearly $3 billion, despite experiencing technical issues due to a surge in traffic. Coinbase’s CEO Brian Armstrong acknowledged the platform’s struggle to handle the heightened interest in Bitcoin.

Other major exchanges such as OKX and Kraken also witnessed significant trading volumes, with nearly $4 billion in Bitcoin spot trading as the price of BTC soared over 10%, briefly surpassing $64,000 before retracing to around $62,000 at the time of reporting.

Bitcoin derivatives market hits nearly $200 billion in trading volume

According to Laevitas data, traders poured capital into Bitcoin derivative products, with derivatives racking up an impressive $182 billion in trading volume within the past 24 hours. This accounted for 94% of the total $358 billion traded in cryptocurrency derivatives, including futures, perpetual contracts, and options. Additionally, the total notional options open interest on Deribit, a major crypto exchange, reached a record high of $26 billion, underscoring the robust demand for digital asset derivatives in the market.

Bitcoin CEX trading volume hits highest level since 2022 - 1
Crypto options open interest | Source: Deribit

Spot Bitcoin ETFs see continued daily inflows

Spot Bitcoin ETFs continued to attract daily net inflows, with BlackRock leading the charge. Nine of these ETF products collectively saw $673 million in total daily net inflows, with BlackRock alone hitting a new daily high of $612 million, as reported by SoSoValue. Meanwhile, Grayscale experienced $216 million in outflows as investors shifted away from its GBTC ETF. The total trading volume for spot Bitcoin ETFs has crossed $7 billion within two months, showcasing the growing interest in these investment products.

Spot BTC ETF daily flows | Source: SoSoValue

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